Seems like that clamping system is the Bee's Knees alright, but I suspect that a bit of slackness in tolerancing could render it inoperable. Grubscrews, set-screws and like forms of clamping are not all that bad except when attempting to use such methods on a hardened shaft that has no flat, recess nor spot-hole for the screw to set against to prevent slippage and rotation. Super simple to mark the preferred location to land the setscrew on the shaft, then simply drill, file or mill a small detent flat or hole into that spot on the shaft and lightly cinch your screw down onto it!
Also, angling the alignment of the axis of the setscrew so that your tool, be it Allen wrench or screwdriver, is clear of the flywheel rim is usually a good idea, while having a slight angle of impingement of the screw on the shaft it is to grip, can be a good idea as well, if properly done.